When I was working in a bank many years back, I pride myself in getting loan approval very fast. I remembered a case when an agent brought a buyer to me. He brought all the documents. I told him that if he can wait for 30 minutes I will be able to let him know his status. He said he has no problem to wait. I went on to do his loan. At that time we can only check on CTOS. CCRIS is not born yet.
After doing his scoring, I called my bank manager on the loan. He said if I am comfortable with this buyer, he will grant the loan and signed the proposal later when he is back. Happily I went to tell the buyer his loan is approved. You should see how happy he was. Then, I told him if he can wait another 30 minutes, he can signed the loan letter offer. Everything in 1 hour. Last time we have to do most things manually and approval is at branch level until certain amount. Doing things manually got it benefits.
I used to say in my seminars, some banks pride themselves in approving a buyer loan in 24 hours. I said I can do it in 60 minutes last time. Now cannot say anymore as CIMB just launch 1 minute approval called “CIMB InstaApproval”. I am curious how they do it. The bank can do CCRIS, CTOS check, scoring on DSR and verify all documents in 1 minute. Maybe because technology advancement they can do it. Anyone out there have tried this service before. Please share your thoughts so that we can learned.
What I read in the papers, the 1 minute approval is for selected developers (to be exact 60 developers so far approved for this) at their respective launches and sales gallery. According to CIMB group consumer banking CEO Samir Gupta “For the CIMB 1-Minute Home Financing, the approval is considered a full approval and the Letter of Offer can be printed immediately for the customer’s signature,” it said.
One word.. AMAZING.
Let’s wait for some feedback on the scheme if its prove workable. My point of view, is that it’s not so easy as it seems. There are terms and conditions attached. Please read the letter offer thoroughly before you signed.
That’s all for now folks.
From the desk of